Another week and another weak report on jobs.
Today, the weekly "first time unemployment benefit claims" came in at 365,000, up 15,000 from last weeks' initial report.
It is becoming clear that the "8%" will be the unemployment total on November 6th, using different numbers that the Administration first used back in 2009.
Understand that no modern day, incumbent president, has been elected to a second term with an unemployment rate of 7.2 percent or more. Unemployment stands at "8.2" but, if we use 2009 labor numbers, real unemployment is 11.3%. Keep that in mind.
The "365,000" first time claims equals a four week monthly, total of 1.46 million new claims for a single month. In other words, nearly 1.5 million folks were given pink slips, this past month. Some, actually many, found new work - part-time or full time within a couple of weeks. Some gave up and will live off the benefits. But, whatever, this percolation of the workforce can be extremely harmful if our leadership adds unemployed masses to the process.
In a word, this economy is a disaster. In a recent non-partisan brief, prepared by the firm, Ernest and Young, in a report prepared for independent community bankers, we learn that the Obama tax plan will shrink the economy by more than 700,000 jobs.
The GOP could "cave in" to his demands and then, blame this know nothing in our White House the ensuing double-dip depression, and win the day, could they not? But, instead, the GOP and many on the Left, understand the idiocy of this plan, and will do what is best for the country, no matter what could be accomplished by do the politically expedient thing.
You should know that the three Obama budgets presented in 2011 and the spring of this year, lost in the Senate by margins of 97 to 0, 95 to 0 and, in the House, 414 to 0. Each "budget proposal" included a plan to raise taxes on the rich. Why do you suppose these three "plans" could not garner a single vote? Do you really need help in answering this question?
At any rate, the man has no new ideas, and "something different" is what we all need, in the worst way.